Higher tech stocks prop up HSI at opening

Tech stocks, moderate property gains propel HSI at opening

Hong Kong stocks opened higher on Wednesday, powered by a rally in tech stocks.

The benchmark Hang Seng Index rose 204 points, or 0.9 percent, to 23,238 at the open, while the Tech Index advanced 1.1 percent to 5,763 at the opening bell.

Alibaba (9988) climbed 1.3 percent at the open, while Baidu (9888) rose 1.4 percent. Tencent (700) gained 0.66 percent, Xiaomi (1810) advanced 2 percent, JD.com (9618) added 1.8 percent, and Meituan (3690) increased 1.58 percent.

The new budget is set to be announced today, and local property stocks saw modest gains this morning. New World Development (0017) rose 0.22 percent, Sun Hung Kai Properties (0016) increased 0.55 percent, CK Asset (1113) climbed 0.73 percent, and Henderson Land Development (0012) gained 0.48 percent.

STAFF REPORTER